Bitcoin and most major altcoins have dipped to their immediate support
levels, indicating that bears remain active at higher levels.
Bitcoin (BTC)
and most major altcoins are witnessing profit-booking on July 25 as the
bulls scale back their positions before the Federal Open Market
Committee meeting on July 26 through July 27. This indicates that the
sentiment remains fragile and that bulls are not confident about
carrying long positions into the event.
Several analysts have
retained their bearish view after Bitcoin failed to sustain above the
200-week moving average at $22,780. CryptoQuant contributor
Venturefounder expects the selling to resume and Bitcoin to fall as low as $14,000 before a macro bottom is confirmed.
The
institutional investors seem to be absent from the markets and the
recovery is being driven by the retail investors. Data from on-chain
analytics firm Glassnode showed that investors holding one Bitcoin or less have been aggressively accumulating “more now than ever.”
Could
retail investors continue their frantic pace of purchasing and put a
floor below Bitcoin and altcoins? Let’s study the charts of the top-10
cryptocurrencies to find out.
BTC/USDT
Bitcoin
rebounded off the 20-day exponential moving average (EMA) ($21,857) on
July 23 but the bulls could not clear the hurdle at $23,363 on July 24.
This suggests that bears are aggressively defending the overhead
resistance.
The
price has returned to the 20-day EMA, which is an important level to
keep an eye on. If this level cracks, the BTC/USDT pair could drop to
$20,750. Such a move will invalidate the breakout from the symmetrical
triangle.
The 20-day EMA is flattening out and the relative
strength index (RSI) has dropped to the midpoint, indicating a balance
between supply and demand.
This advantage could tilt in favor of
buyers if the price breaks above $23,363. If that happens, the pair
could rally to $28,171 and then to $30,000. The bears will have to sink
the price below the support line to gain the upper hand.
ETH/USDT
The
bears have successfully defended the overhead resistance at $1,700 in
the past few days. However, a minor positive is that the bulls have not
allowed Ether (ETH) to drop below $1,464, indicating buying at lower levels.
If
the price once again rebounds off $1,464, the ETH/USDT pair could
continue its tight range-bound action for a few more days. The rising
20-day EMA ($1,397) and the RSI in the positive zone indicate that the
path of least resistance is to the upside.
A break and close above $1,700 could signal the resumption of the up-move. The pair could then rally to $2,000.
This
positive view could invalidate if the price slips below the 20-day EMA.
If that happens, the pair may drop to $1,280. A strong rebound off this
level could keep the pair range-bound between $1,280 and $1,700 for a
few days.
BNB/USDT
BNB turned
down from the downtrend line on July 23, indicating that the bears
continue to defend the level with vigor. The bears will now attempt to
sink the price below the moving averages.
If
they succeed, the BNB/USDT pair could test the support line of the
ascending channel. If the price rebounds off this level, the bulls will
again try to push the pair above the downtrend line and challenge the
resistance line of the channel.
Another possibility is that the
bears sink the price below the support line of the channel. If that
happens, the advantage will tilt in favor of the bears and the pair
could decline to the strong support at $211.
XRP/USDT
Ripple (XRP)
has been consolidating between $0.30 and $0.39 for the past few days.
Although the price bounced off the moving averages on July 23, the rally
could not reach the overhead resistance at $0.39. This suggests that
demand dries up at higher levels.
The
bears are trying to sink the price below the moving averages. If they
manage to do that, the XRP/USDT pair could gradually decline toward
$0.30. The buyers are likely to defend this level with all their might
because if the support cracks, the pair could resume the downtrend.
Alternatively,
if the price rebounds off the current level, the bulls will again try
to clear the overhead hurdle at $0.39 and start a new up-move. The pair
could then rally to $0.50.
ADA/USDT
Cardano (ADA)
attempted to rise above the overhead resistance at $0.55 on July 24 but
the bears successfully defended the level. That may have attracted
profit-booking from the short-term traders.
The
bears are attempting to sink the price below the moving averages. If
they manage to do that, the ADA/USDT pair could drop to $0.44. If the
price rebounds off this level, the pair may oscillate between $0.44 and
$0.55 for a few days.
Another possibility is that the price
rebounds off the moving averages. If that happens, the bulls will again
try to push the pair above the overhead resistance. If they succeed, the
pair could pick up momentum and rally to $0.63 and then to $0.70.
SOL/USDT
Solana’s (SOL)
failure to rebound off the 20-day EMA ($39) indicates that the bullish
momentum may be weakening. The bears will attempt to sink the price to
the support line, which is an important level to keep an eye on.
If
the price rebounds off the support line, the buyers will make another
attempt to push the SOL/USDT pair toward the overhead resistance at $48.
The bulls will have to clear this hurdle to signal the completion of
the ascending triangle pattern. This bullish setup has a target
objective of $71.
Conversely, if bears sink the price below the
support line, the bullish pattern will be negated. The pair could then
decline to $30. A break below this level will indicate that the bears
are back in control.
DOGE/USDT
The bears have pulled Dogecoin (DOGE)
below the moving averages on July 25, which opens the doors for a
decline to the trendline. The bulls are likely to defend this level
aggressively.
If
the price rebounds off the trendline, the bulls will attempt to push
the DOGE/USDT pair above the moving averages. If that happens, the pair
could rise to the overhead resistance at $0.08. A break and close above
this level will complete an ascending triangle pattern that has a target
objective of $0.11.
Conversely, if the price breaks below the
trendline, the bullish setup will be negated. That could sink the pair
to $0.06 and later to the crucial support at $0.05.
Related: Ethereum's bearish U-turn? ETH price momentum fades after $1.6K rejection
DOT/USDT
The bulls repeatedly failed to push Polkadot (DOT)
above the 50-day simple moving average (SMA) ($7.47) in the past few
days, indicating that bears are defending the level aggressively.
The
DOT/USDT pair slipped below the 20-day EMA ($7.23) on July 25. If bears
sustain the price below this level, the pair could slide toward the
strong support at $6. This is an important level to keep an eye on
because a break and close below it could signal the resumption of the
downtrend.
Another possibility is that the price turns up from the
current level and breaks above the 50-day SMA. If that happens, it will
suggest demand at lower levels. The pair could then rise to $8.79 and
later to the psychological level of $10.
MATIC/USDT
Polygon (MATIC)
turned down from the resistance line on July 25, indicating that bears
are selling on minor rallies. The bears will attempt to sink the price
to the next support at $0.75.
The
rising 20-day EMA ($0.75) and the RSI in the positive territory
indicate that buyers have a slight edge. If the price rebounds off
$0.75, the bulls will again attempt to push the MATIC/USDT pair above
the resistance line.
If they succeed, the pair could rally to the
psychological level of $1. The bulls will have to clear this hurdle to
start an up-move to $1.26.
On the contrary, if the price breaks
below $0.75, it will suggest that the bullish momentum has weakened. The
pair could then slide to $0.63.
AVAX/USDT
Avalanche (AVAX)
formed a Doji candlestick pattern on July 23 and an inside-day
candlestick pattern on July 24, indicating indecision among the bulls
and the bears.
This
uncertainty resolved to the downside on July 25 and the AVAX/USDT pair
declined to the breakout level at $21.35. If the price rebounds off this
level with strength, it will suggest that bulls are buying on dips.
That
could increase the possibility of a retest at $26.50. A break above
this resistance could clear the path for a rally to $29 and then to $33.
Contrary
to this assumption, if the price breaks below $21.35, the pair could
drop to the support line. The bulls are likely to defend this level
aggressively.
The views and opinions expressed here are solely
those of the author and do not necessarily reflect the views of
Cointelegraph. Every investment and trading move involves risk. You
should conduct your own research when making a decision.
Market data is provided by HitBTC exchange.
source link : https://cointelegraph.com/news/price-analysis-7-25-btc-eth-bnb-xrp-ada-sol-doge-dot-matic-avax
